OJSC RTM, a Moscow-based real estate developer focused on retal properties, has said that the market value of its portfolio came to $983.4 mln at end-June 2008 7, 24% higher than the previous appraisal at the end of December last year.
OJSC RTM, a Moscow-based real estate developer focused on retal properties, has said that the market value of its portfolio came to $983.4 mln at end-June 2008 7, 24% higher than the previous appraisal at the end of December last year.
Citing an appraisal by Colliers International, the Russian developer said properties held as investments are valued at $682.4 mln (+16% since December 2007) and properties in the course of development are valued at $245.9 mln (+52%). Properties held for development are valued at $55.1 mln (+34.7%).
'This substantial increase in the value of projects in the course of development and those held for development can be attributed to the high speed of construction and amount of work completed on the projects under development,' OJSC RTM said.
The gross area of the properties in the group's portfolio is 558,519 m2, of which 376,154 m2 are leasable.
